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On September 11th, the third-largest political group in the European Parliament, Patriots for Europe, announced in Strasbourg, France, that it would submit a motion of no confidence against the European Commission, led by Ursula von der Leyen. The motion has reportedly received 85 signatures from MEPs, exceeding the minimum threshold of 72 signatures required to initiate the relevant procedure. Patriots for Europe accused the current European Commission of a complete failure in trade, transparency, and accountability. The groups First Vice-President, Kinga Gay, stated during the European Parliament plenary session that day that the Commission had failed to address Europes most pressing challenges, failing in areas such as peace, trade, and migration. "It is time for Ursula von der Leyen to step down," she said. According to regulations, once the motion is confirmed by the European Parliament, it will be scheduled for debate and a vote in the plenary session of the European Parliament in October at the earliest.FBI: Second suspect in Charlie Keek shooting has been released, gunman remains at large.Japans BSI large non-manufacturing confidence index in the third quarter was 5.2, compared with -0.5 in the previous quarter.Japans BSI large manufacturing confidence index in the third quarter was 3.8, compared with -4.8 in the previous quarter.Foreign investors bought 604.5 billion yen of Japanese bonds in the week ending September 5, compared with 397.4 billion yen in the previous week.

US Dollar Index Dodges Around 100.60, Eyes More Upside on Hawkish Powell

Larissa Barlow

Apr 22, 2022 09:48

The US dollar index (DXY) is demonstrating casual fluctuations in a modest range of 100.55-100.66 after a robust comeback on Thursday. Since the likelihood of a major rate hike by the Federal Reserve increased, the DXY has exhibited a clear reversal after falling below the psychological support level of 100.00. (Fed). After declaring that investors should brace for a half-percent rate hike in May's monetary policy, Fed chair Jerome Powell's speech boosted the likelihood of a 50 bps interest rate hike.

Fed’s Powell Speech at IMF

The arrival of Fed’s Powell at the International Monetary Fund (IMF) produced a significant reversal in the DXY as Powell repeated that the tight labor market and increasing inflation are driving the Fed to move faster to the neutral rates than to the pace adopted in past raise cycles. Current pricing pressures are damaging the economy, making it difficult for the Federal Reserve System (Fed) to reduce the CPI (Consumer Price Index) down to the targeted 2 percent level.

Key Events Next Week

Durable Goods Orders, Consumer Confidence, Housing Price index, Gross Domestic Product (GDP) statistics, Personal Consumption Expenditure Prices, Michigan Consumer Sentiment Index (CSI) (CSI).

Eminent Issues on the Back Boiler

ECB President Christine Lagarde and BOE Governor Andrew Bailey are all scheduled to speak at upcoming events, including the Russia-Ukraine peace talks and the IMF summit.

Dollar Index Spot

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